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Dollar index edges lower as vital US data looms tomorrow

Last week the Dollar index (USDX) peaked on Monday at 104.60. It essentially spent the rest of the week leaking lower and the price action over the 5 day period was clearly characterised by a series of lower highs. The low seen on the index was actually set in the middle of the week, when it dropped back to 103.94. It did trade below 104 on Friday and later ended the week at 104.11. That price action was largely mirrored by the EUR/USD and the GBP/USD, both of which traded higher by the close on Friday, with a series of higher lows over the same 5 day period. There is not much on the US economic release calendar today, but we have a potentially very important release due out tomorrow at 1.30pm GMT- the January Consumer Price Index (CPI). There will be more to add on that and what the markets expect from it later today. Meantime, the Dollar index has traded below 104 again today. The range seen so far has been covered by 103.96 to 104.08. It is just now holding above that 104 handle ahead of the European opening 

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